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Indiana Resources kick off drilling at Minos and Hopeful Hill

24 June 2024 11:50
ASX:IDA

Indiana Resources Limited (ASX:IDA) has announced the commencement of drilling at two of its key sites, Minos and Hopeful Hill. This initiative is part of the company’s ongoing exploration efforts within its 100% owned Central Gawler Craton Exploration Project (CGCP) in South Australia.

The program aims to extend and confirm the known gold and REE target zones at Minos, and to complete the RC drilling at Hopeful Hill as part of a co-funded exploration grant from the South Australian government.

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Figure 1: Indiana’s Central Gawler Craton Project showing Native Title Areas and existing heritage survey coverage.

Drilling programs

The Reverse Circulation (RC) drilling at Minos involves five planned holes, covering approximately 630m. This phase aims to extend the existing 600m strike length of high-grade gold mineralisation.

Previous results at Minos have been promising with significant gold intercepts. They include 38m at 6.54 g/t Au from 29m in LLRCD029, 21m at 8.43 g/t Au from 176m in LLRC041, and 5m at 24.35 g/t Au from 106m in LLRC020.

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Figure 2: Minos Gold Prospect – Planned drilling and significant results.

In addition to the gold prospect, the Minos REE target area will see an Air Core (AC) drilling program with eight planned holes covering 590m to extend known REE mineralisation. This will also provide further samples for metallurgical testing.

Notable past results include 26m at 4,767 ppm TREO in LLAC128 and 20m at 4,021 ppm TREO in LLAC012.

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Figure 3: Minos REE Prospect overview – Planned drilling and significant TREO results.

Funded by a co-grant from the South Australian Government, the RC drilling at Hopeful Hill will consist of three holes totaling 600 meters. This program follows a successful HeliTEM survey conducted in late 2022, which identified several prospective targets.

Management comments

Indiana Resources Executive Chair Bronwyn Barnes commented “Having spent considerable time reviewing historic results across the South Australian tenement package we are pleased to be back on the ground drilling at Minos. The drilling to date has delivered a number of impressive gold and rare earth targets, and this programme has been designed to extend the discovery zones.

We are also very pleased to have received further exploration approvals from the Government of South Australia which will enable us to advance activities at high priority areas of Moolkra, Double Dutch and Hopeful Hill. These target areas host historic high grade gold intercepts which we have been unable to access until now.”

IDA’s Australian Security Exchange-listed share price is currently trading at $0.08 (11:30 am UTC+ 8 hours).

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